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2018 (3) TMI 1576 - AT - Income TaxDenial of deduction claimed u/s 80(P)(2)(a) - interest income on fixed deposits with nationalized banks - Held that:- The stand of the assessee right through has been that the society is not engaged in any other activity except receiving deposits from its members and providing credit facilities to its members. The assessee has made deposits with nationalized banks in order to maintain liquidity and provide ready availability of funds for repayment of deposits on redemption/maturity. These facts have not been refuted by the department, we direct the Assessing Officer to allow deduction under section 80(P)(2)(a) of the Act on the interest income earned from fixed deposits with nationalized banks. See ITO Vs. M/s. Maharashtra Bank Employees Co-op. Credit Society Ltd. [2018 (3) TMI 1562 - ITAT PUNE] - Decided in favour of assessee
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